Elements of Good Feasibility

Topics: Cost-benefit analysis, Project management, Cost-utility analysis Pages: 3 (990 words) Published: August 12, 2010
The Elements of a Good Feasibility Study
Tim Bryce | Mar 20, 2008 | Comments (5)

"Those who do not do their homework do not graduate."
- Bryce's Law
In its simplest form, a Feasibility Study represents a definition of a problem or opportunity to be studied, an analysis of the current mode of operation, a definition of requirements, an evaluation of alternatives, and an agreed upon course of action. As such, the activities for preparing a Feasibility Study are generic in nature and can be applied to any type of project, be it for systems and software development, making an acquisition, or any other project. There are basically six parts to any effective Feasibility Study: 1. The PROJECT SCOPE which is used to define the business problem and/or opportunity to be addressed. The old adage, "The problem well stated is half solved," is very apropos. The Scope should be definitive and to the point; rambling narrative serves no purpose and can actually confuse project participants. It is also necessary to define the parts of the business affected either directly or indirectly, including project participants and end-user areas affected by the project. The project sponsor should be identified, particularly if he/she is footing the bill. I have seen too many projects in the corporate world started without a well defined Project Scope. Consequently, projects have wandered in and out of their boundaries causing them to produce either far too much or far too little than what is truly needed. 2. The CURRENT ANALYSIS is used to define and understand the current method of implementation, such as a system, a product, etc. From this analysis, it is not uncommon to discover there is actually nothing wrong with the current system or product other than some misunderstandings regarding it or perhaps it needs some simple modifications as opposed to a major overhaul. Also, the strengths and weaknesses of the current approach are identified (pros and cons). In addition, there...
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